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Bull of the Day: Iron Mountain - Bear of the Day

Iron Mountain
(
IRM
) reported a dismal third quarter negatively impacted by
lower-than-expected organic growth in the core services coupled
with contraction in activity-based service revenue and decline in
recycled paper prices. The company provided a tepid outlook.

Although the company's decision to convert into an REIT would
definitely increase shareholders value and reduce the tax burden,
we continue to believe that the results will be negatively affected
by sluggish internal growth, volatile foreign exchange rates and a
decline in recycled paper prices.

We believe that the company does not have enough to drive
significant growth over the long term. Thus, we downgrade the stock
from Neutral to Underperform and set a price target of $28.00.

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